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Grid Dynamics (NASDAQ:GDYN) Sets New 1-Year High - Here's What Happened

Grid Dynamics logo with Computer and Technology background

Grid Dynamics Holdings, Inc. (NASDAQ:GDYN - Get Free Report) shares hit a new 52-week high during trading on Friday . The company traded as high as $20.43 and last traded at $20.41, with a volume of 954995 shares traded. The stock had previously closed at $19.31.

Analysts Set New Price Targets

Several research firms have weighed in on GDYN. TD Cowen upped their price target on Grid Dynamics from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Citigroup lifted their price target on Grid Dynamics from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, October 28th. JPMorgan Chase & Co. boosted their price objective on Grid Dynamics from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 30th. Finally, Needham & Company LLC lifted their target price on Grid Dynamics from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $18.33.

Read Our Latest Research Report on Grid Dynamics

Grid Dynamics Stock Up 0.4 %

The firm has a market cap of $1.69 billion, a PE ratio of 683.56 and a beta of 1.06. The business has a 50 day simple moving average of $17.44 and a two-hundred day simple moving average of $14.12.

Grid Dynamics (NASDAQ:GDYN - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of $0.09 by $0.01. The business had revenue of $87.40 million for the quarter, compared to the consensus estimate of $85.09 million. Grid Dynamics had a net margin of 0.74% and a return on equity of 0.15%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 EPS. Equities analysts forecast that Grid Dynamics Holdings, Inc. will post 0.03 earnings per share for the current year.

Insider Transactions at Grid Dynamics

In other Grid Dynamics news, CEO Leonard Livschitz sold 15,000 shares of the stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $14.56, for a total transaction of $218,400.00. Following the completion of the sale, the chief executive officer now directly owns 3,460,901 shares of the company's stock, valued at approximately $50,390,718.56. This represents a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Anil Doradla sold 3,000 shares of Grid Dynamics stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $19.08, for a total transaction of $57,240.00. Following the completion of the transaction, the chief financial officer now directly owns 373,282 shares in the company, valued at approximately $7,122,220.56. The trade was a 0.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,000 shares of company stock valued at $605,210. 7.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grid Dynamics

Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC grew its stake in shares of Grid Dynamics by 38.7% during the third quarter. FMR LLC now owns 2,873 shares of the company's stock worth $40,000 after acquiring an additional 801 shares during the last quarter. Quarry LP grew its position in Grid Dynamics by 131.5% during the 3rd quarter. Quarry LP now owns 5,236 shares of the company's stock worth $73,000 after purchasing an additional 2,974 shares during the last quarter. Quantbot Technologies LP acquired a new position in Grid Dynamics during the 3rd quarter valued at approximately $122,000. Intech Investment Management LLC purchased a new position in shares of Grid Dynamics in the third quarter worth $153,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Grid Dynamics during the second quarter worth $117,000. 71.18% of the stock is owned by hedge funds and other institutional investors.

Grid Dynamics Company Profile

(Get Free Report)

Grid Dynamics Holdings, Inc, together with its subsidiaries, provides technology consulting, platform and product engineering, and analytics services in North America, Europe, and internationally. It offers cloud platform and product engineering services, such as architecting, designing, and building scalable and secure cloud-based platforms and business applications; and AI/machine learning and data platform engineering services that build platforms to facilitate batch and streaming data ingestion, quality governance, orchestration, semantic modeling, observability, and analysis at scale.

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